ISSB: an office in Montreal starting in July

The ISSB will establish itself in a temporary office in July before choosing the best place to establish its permanent facilities in the metropolis “within 12 to 18 months”.

The Montreal office’s role has not yet been “finalized,” Sue Lloyd said during the virtual presentation. Having offices in different cities, including Frankfurt in Germany, helps to be closer to stakeholders in each region, she noted. “The Americas region will be managed primarily from the Montreal office. »

The leader could not yet say how many employees would be hired at the Montreal office. “We are also looking at the possibility of having experts who will look at specific technical issues, depending on the specific regulatory issues in the region. We are trying to determine which particular topics would be better dealt with in Montreal than in the head office in Frankfurt. »

No further details could be obtained from Sue Lloyd, who was not available for an interview after her performance.

For the IFRS Foundation, which oversees the ISSB and is the not-for-profit organization that created the IFRS accounting standards, the creation of the new entity represents a significant expansion. The IFRS Foundation should double the number of its employees to around 300 people. “It’s not huge for an international organization, but for us it’s a significant expansion. »

ISSB Plans

The creation of the ISSB was announced during COP26 last November. Its mission is to create standards for environmental financial disclosures that would hopefully be used by all companies globally.

“We are working very hard to try to develop international standards to reduce the risk of a company having to do slightly different things in two jurisdictions,” says Sue Lloyd.

As part of its work, the ISSB also questions how the standards might impact smaller companies and companies in emerging countries. “We really want what we prepare to be used all over the world. »

The work of the ISSB has already begun. In late March, the agency released two proposed disclosure rules: the first for sustainability standards, the second for climate risks.

There will be a consultation period until the end of July. The comments received will be analyzed below. The organization wants to finish publishing the standards by the end of the year.

In April, ISSB President Emmanuel Faber said the ISSB’s work could mark the end of greenwashing in an interview with The Canadian Press. “Greenwashing paralyzes everyone,” said Emmanuel Faber. Because people who want to get ahead can’t stand out from the crowd, and people who don’t want to move have a good excuse not to. »